HESTA clarifies pandemic exclusion status
23 March 2020
HESTA has confirmed today that AIA Australia, the underwriter of the super fund’s life insurance covers, will not invoke the pandemic exclusion that comes with the policies...
Life Insurance
Industry fears 'adverse impact' from APRA's data transparency plan
23 March 2020
The Financial Services Council has urged the prudential regulator to review its plans for improving the transparency of published data...
AMP Life cops fine for administrative ineptitude
23 March 2020
AMP Life has been charged a penalty of $275,500 for breaching reporting rules on more than 10,000 derivative transactions over the course of 32 months...
Pacific Life Re appoints Jennifer Lang to board
23 March 2020
Pacific Life Re Australia has appointed former CommInsure CFO and Chief Actuary Jennifer Lang to its board...
Income protection tops AFCA life complaints
16 March 2020
Income protection products drew the most complaints about a life insurance product in the second half of last year, Australian Financial Complaints Authority data shows...
Insurers should pay clients for breaching life code: law firm
16 March 2020
Maurice Blackburn has flagged possible legal action if life insurers found to have breached the industry code "decide not to do the decent thing" by compensating affected clients...
Life policies have no coronavirus exclusions: FSC
16 March 2020
There are no exclusions in existing life policies for coronavirus-related claims, the Financial Services Council says in a statement on behalf of the life industry...
Convicted murderer has no claim to wife's insurance payout: court
16 March 2020
A Federal Court judge has ruled a former policeman who was convicted of murdering his wife has no right to claim the payout from a life insurance policy the couple had jointly taken out weeks before her death...
M&A activity dries up after foreign buying spree
16 March 2020
Merger and acquisition opportunities in life insurance remain limited after many years of strong activity, with the sector now largely foreign-owned and the top three insurers controlling more than half of net policy revenue, Deloitte says...
Consumers remain distrustful after royal commission
09 March 2020
Consumers are doubtful the life insurance industry has addressed issues raised by the Hayne royal commission as lack of trust remains a problem, research by NobleOak shows...
Hawking rules could impede natural conversions: FSC
09 March 2020
Proposed legislation to crack down on hawking could impede natural conversations that are beneficial for consumers, the Financial Services Council (FSC) says...
Overly complex reforms 'won't help consumers'
09 March 2020
Overly complex reforms don’t help consumers and only make financial advice more expensive and difficult to access, the Financial Planning Association has warned...
MetLife Australia signs up to UN gender equality principles
09 March 2020
MetLife Australia has signed the United Nations (UN) Women’s Empowerment Principles, which aim to promote gender equality in the workplace and society...
Wrong premium explanations lead to compensation
09 March 2020
Colonial Mutual Life has been ordered to pay an income protection policyholder $1500 compensation after providing incorrect explanations for premium increases...
Life industry losses blow out to nearly $1 billion
02 March 2020
The troubled life industry is suffering further setbacks, with new figures from the prudential regulator showing a massive blowout in revenue...
FSC backs reforms to disclosure duty, contract avoidance
02 March 2020
The Financial Services Council has backed the Hayne royal commission’s proposed reform measures relating to the duty of disclosure and limiting avoidance of life insurance contracts...
Life customers worry if their claims will be paid: survey
02 March 2020
More than 40% of consumers and 60% of SMEs with life insurance policies worry whether their claims will be paid, according to an annual survey by MetLife Australia...
ClearView disappointed as life profit drops 39%
02 March 2020
ClearView Wealth has reported a “disappointing” second half, with income protection claims battering its life insurance business...
Ex-TAL CFO moves to MLC; CIO departs
02 March 2020
MLC Life Insurance has appointed Kent Griffin as its new CFO and also has a new head of technology after Sarv Girn departed the life insurer with immediate effect...
Accountability rules may hit recruitment: FSC
24 February 2020
The Financial Services Council says civil penalties proposed for individuals under an extension of the Banking Executive Accountability Regime may hit industry recruitment...